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Process Quality Review (0.8)
Serum DEX
FAIL
Scoring Appendix
The final review score is indicated as a percentage. The percentage is calculated as Achieved Points due to MAX Possible Points. For each element the answer can be either Yes/No or a percentage. For a detailed breakdown of the individual weights of each question, please consult this document.
Very simply, the audit looks for the following declarations from the developer's site. With these declarations, it is reasonable to trust the smart contracts.
- Here is my smart contract on the blockchain
- You can see it matches a software repository used to develop the code
- Here is the documentation that explains what my smart contract does
- Here are the tests I ran to verify my smart contract
- Here are the audit(s) performed to review my code by third party experts
This report is for informational purposes only and does not constitute investment advice of any kind, nor does it constitute an offer to provide investment advisory or other services. Nothing in this report shall be considered a solicitation or offer to buy or sell any security, token, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this report constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this report should not be taken as advice to buy, sell or hold any security. The information in this report should not be relied upon for the purpose of investing. In preparing the information contained in this report, we have not taken into account the investment needs, objectives and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors.
Any views expressed in this report by us were prepared based upon the information available to us at the time such views were written. The views expressed within this report are limited to DeFiSafety and the author and do not reflect those of any additional or third party and are strictly based upon DeFiSafety, its authors, interpretations and evaluation of relevant data. Changed or additional information could cause such views to change. All information is subject to possible correction. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.
This completed report is copyright (c) DeFiSafety 2023. Permission is given to copy in whole, retaining this copyright label.
Smart Contracts & Team
100%
This section looks at the code deployed on the relevant chain that gets reviewed and its corresponding software repository. The document explaining these questions is here.
1. Are the smart contract addresses easy to find? (%)
Serum's V3 Program contract address can be found at https://github.com/project-serum/serum-dex/blob/master/README.md, as indicated in the Appendix.
2. How active is the primary contract? (%)
Contract Serum V3 Program is used over 10 times a day, as indicated in the Appendix.
3. Does the protocol have a public software repository? (Y/N)
Serum's public GitHub can be found here.
4. Is there a development history visible? (%)
With 174 commits and 13 branches, Serum's GitHub repository might be the cure that Solana developers need.
5. Is the team public (not anonymous)?
Serum has many public contributors that are presented in the "Contributors" page of their GitHub.
Documentation
83%
The difference between this and the old link is solely the link. This section looks at the software documentation. The document explaining these questions is here.
6. Is there a whitepaper? (Y/N)
Location: https://docs.projectserum.com/
7. Is the protocol's software architecture documented? (Y/N)
Serum effectively documents their software architecture in-depth at https://docs.google.com/document/d/1isGJES4jzQutI0GtQGuqtrBUqeHxl_xJNXdtOv4SdII/edit#heading=h.g73sjz1ce2k0.
8. Does the software documentation fully cover the deployed contracts' source code? (%)
Serum details their software's major smart contract functions (accounts) at https://docs.google.com/document/d/1isGJES4jzQutI0GtQGuqtrBUqeHxl_xJNXdtOv4SdII/edit#heading=h.g73sjz1ce2k0. However, noticeable contract functions such as the SRM token's or the BPFLoader are not identified.
9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
Serum lists and describes its software functions.
Testing
58%
10. Has the protocol tested their deployed code? (%)
Code examples are in the Appendix at the end of this report.. As per the SLOC, there is 73% testing to code (TtC). This score is guided by the Test to Code ratio (TtC). Generally a good test to code ratio is over 100%. However, the reviewer's best judgement is the final deciding factor. 4670/6363 = 73% However, crawlers are notoriously inaccurate with Rust files. Therefore, we will bring it up to 80% to give Serum the benefit of the doubt.
11. How covered is the protocol's code? (%)
There are some tests evident within the Serum DEX monorepo, but they are definitely not complete.
12. Does the protocol provide scripts and instructions to run their tests? (Y/N)
Scripts/Instructions location: https://github.com/project-serum/serum-dex/tree/master/dex
13. Is there a detailed report of the protocol's test results?(%)
There is no evidence of a Serum test report within their GitHub repository.
14. Has the protocol undergone Formal Verification? (Y/N)
There is no evidence of a Serum Formal Verification in any of their documentation or GitHub repositories.
15. Were the smart contracts deployed to a testnet? (Y/N)
Serum has been deployed to a Devnet.
Security
17%
This section looks at the 3rd party software audits done. It is explained in this document.
16. Is the protocol sufficiently audited? (%)
Serum DEX is unaudited.
17. Is the bounty value acceptably high (%)
Serum does not offer a bug bounty program.
Admin Controls
51%
This section covers the documentation of special access controls for a DeFi protocol. The admin access controls are the contracts that allow updating contracts or coefficients in the protocol. Since these contracts can allow the protocol admins to "change the rules", complete disclosure of capabilities is vital for user's transparency. It is explained in this document.
18. Is the protocol's admin control information easy to find?
Serum's governance info can easily be found at https://docs.projectserum.com/guides/governance.
19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)
Serum mentions that their smart contracts are upgradeable throughout their documentation. Indeed, we can see that the Serum V3 Program is upgradeable via the BPFLoaderUpgradeable.
20. Is the type of smart contract ownership clearly indicated? (%)
Ownership implicitly lies within their MultiSig.
21. Are the protocol's smart contract change capabilities described? (%)
No smart contract change capabilities are identified within the Serum documentation.
22. Is the protocol's admin control information easy to understand? (%)
Serum's admin control information is in software-specific language and does not relate to user funds' safety. However, the protocol often mentions its non-custodial and permissionless nature which do give an indication that user funds are safe to a dev team's potentially nefarious intentions.
23. Is there sufficient Pause Control documentation? (%)
There is no pause control or any similar functions documented in the Serum documentation.
24. Is there sufficient Timelock documentation? (%)
There is a single mention of a timelock within Serum's governance documentation. However, this does not detail any concrete software information or capabilities.
25. Is the Timelock of an adequate length? (Y/N)
The timelock is of an unspecified length.
Oracles
38%
This section goes over the documentation that a protocol may or may not supply about their Oracle usage. Oracles are a fundamental part of DeFi as they are responsible for relaying tons of price data information to thousands of protocols using blockchain technology. Not only are they important for price feeds, but they are also an essential component of transaction verification and security. This is explained in this document.
26. Is the protocol's Oracle sufficiently documented? (%)
Serum documents an idea of an on-chain oracle in the "Project Ideas" section of their documentation. However, it is not clear as to whether the protocol itself uses an oracle.
27. Is front running mitigated by this protocol? (Y/N)
Serum does not document the front-running mitigation strategies of their orderbook.
28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)
Serum does not document its flash loan attack/liquidity manipulation mitigation strategies. Since their staking module is deprecated, it is safe to say that Serum does not require such measures.
Appendices
1use num_enum::TryFromPrimitive;
2use std::{
3 cell::RefMut, convert::identity, convert::TryInto, mem::size_of, num::NonZeroU64, ops::Deref,
4 ops::DerefMut,
5};
6
7use arrayref::{array_ref, array_refs, mut_array_refs};
8
9use bytemuck::{
10 bytes_of, bytes_of_mut, cast, cast_slice, cast_slice_mut, from_bytes_mut, try_cast_mut,
11 try_cast_slice_mut, try_from_bytes_mut, Pod, Zeroable,
12};
13use enumflags2::BitFlags;
14use num_traits::FromPrimitive;
15use safe_transmute::{self, to_bytes::transmute_to_bytes, trivial::TriviallyTransmutable};
16
17use solana_program::{
18 account_info::AccountInfo, program_error::ProgramError, program_pack::Pack, pubkey::Pubkey,
19 rent::Rent, sysvar::Sysvar,
20};
21use spl_token::error::TokenError;
22
23use crate::{
24 critbit::Slab,
25 error::{DexErrorCode, DexResult, SourceFileId},
26 fees::{self, FeeTier},
27 instruction::{
28 disable_authority, fee_sweeper, msrm_token, srm_token, CancelOrderInstructionV2,
29 InitializeMarketInstruction, MarketInstruction, NewOrderInstructionV3, SelfTradeBehavior,
30 SendTakeInstruction,
31 },
32 matching::{OrderBookState, OrderType, RequestProceeds, Side},
33};
34
35declare_check_assert_macros!(SourceFileId::State);
36
37pub trait ToAlignedBytes {
38 fn to_aligned_bytes(&self) -> [u64; 4];
39}
40
41impl ToAlignedBytes for Pubkey {
42 #[inline]
43 fn to_aligned_bytes(&self) -> [u64; 4] {
44 cast(self.to_bytes())
45 }
46}
47